Fed remains steady on rates, industry calms down

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While Wall Street waited today for The Federal Reserve to make a move–or as it turned out to not make a move–on interest rates, the real estate industry also took note. The Fed's Open Market Committee decided today to keep its target for the federal funds rate at 1 percent. John Kary, a Realtor for RE/MAX 440 in Skippack, Pa., said he typically tracks the Fed to stay in tune with the market. "Traditionally, I have always been attentive to the Fed's moves since it affects my opinion as to how to market a home," Kary said. "At high (interest) rates, it is a buyers market and at low rates, it is a sellers market." Kary said low interest rates have driven up home prices in his area to the point at which home-buying activity has already slowed, and interest rate increases are likel...